M/S LARSEN AIR CONDITIONING AND REFRIGERATION COMPANY vs UNION OF INDIA

The Supreme Court examined whether the Allahabad High Court erred in modifying an arbitral award by reducing the interest rate from 18% compound interest to 9% simple interest. The dispute arose from a contractual disagreement where the arbitral tribunal initially awarded 18% interest, but the High Court reduced it. The Court analyzed the scope of appellate review over arbitral awards under the Arbitration and Conciliation Act, 1996, emphasizing the limited scope of interference. The Court upheld the High Court's modification, affirming the authority to alter interest rates in arbitral awards within judicial review.